TLDR Tech / Crypto
Drift Protocol Exploited for $285 Million in Solana's Largest DeFi Hack
Drift Protocol, a Solana-based perpetuals DEX, was exploited for approximately $285 million on April 1, placing it among the largest onchain hacks on record, with stolen assets including USDC, JLP tokens, Wrapped Ethereum, and Fartcoin. PeckShield attributed the breach to compromised admin keys rather than a smart contract vulnerability, a finding supported by forensic evidence that the attacker's wallet was funded one week prior and sent a $2.52 test transfer to Drift's vault before executing the main drain. The protocol suspended deposits and withdrawals and coordinated with security firms and exchanges to limit further damage, though no fund recovery has been confirmed. The DRIFT token fell nearly 28% following the announcement.
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